Risk Modeling for Hazards and Disasters opens with an introduction to insurance risk modeling data and modeling concepts and then moves on to review innovative ideas from the most well-known vendor firms. It covers relevant new science in risk modeling, indirect losses, assessment of impact and consequences to insurance losses and current changes in risk modeling practice, along with case studies. The final chapter provides further insight into the shortcomings of current models and examines model risk and ideas to diversify risk assessment. This book reviews current model development and science and explains recent changes in the cat modeling space, including new model platforms and new ideas covering uncertainty and big data in the assessment of risk for insurance pricing and portfolio management. Edited by an expert in both hazards and risk, this book is authored by a global panel including major modeling vendors, modeling consulting firms and well-known catastrophe modeling scientists. Risk Modeling for Hazards and Disasters provides important insight into how models are used to price and manage risk. Includes high profile case studies such as the Newcastle earthquake, Hurricane Andrew and Hurricane KatrinaProvides crucial information on new ideas and platforms that will help address the new demands for risk management and catastrophe risk reportingPresents the theory and practice needed to know how models are created and what is and what is not important in the modeling processCovers relevant new science in risk modeling, indirect losses, assessment of impact and consequences to insurance losses, and current changes in risk modeling practice, along with case studies INDICE: SECTION I: Catastrophe Models, General Concepts and Methods Quantifying Model Uncertainty and Risk What Makes a Catastrophe Model Robust Towards a more Dynamical Paradigm for Natural Catastrophe Risk Modelling Empirical fragility and vulnerability assessment: not just a regression SECTION II: Model Creation, Specific Perils and Data The use of historic loss data for insurance and total loss modelling Indirect Loss Potential Index for Natural disasters for National and sub-national analysis Big data challenges and hazards modelling Probability gain from seismicity-based earthquake models Progress towards hyper-resolution models of global flood hazard Parsimonious risk assessment and the role of transparent diverse models SECTION III: Model Insurance Use-Cases Insurance Pricing and Portfolio Management using Catastrophe Models Portfolio Optimization Using Catastrophe Model Results, a Use Case from the Insurance Industry SECTION IV: Model Risk, Resilience and New Concepts Creating a Probabilistic Catastrophe Model with the Characteristic Event Methodology From Risk Management to Quantitative Disaster Resilience: A New Paradigm for Catastrophe Modelling Beyond 'model risk': a practice perspective on modelling in insurance
- ISBN: 978-0-12-804071-3
- Editorial: Elsevier
- Encuadernacion: Rústica
- Páginas: 324
- Fecha Publicación: 01/09/2017
- Nº Volúmenes: 1
- Idioma: Inglés